<SEC-DOCUMENT>0001213900-25-043965.txt : 20250515
<SEC-HEADER>0001213900-25-043965.hdr.sgml : 20250515
<ACCEPTANCE-DATETIME>20250515141827
ACCESSION NUMBER:		0001213900-25-043965
CONFORMED SUBMISSION TYPE:	DEFC14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250515
DATE AS OF CHANGE:		20250515

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BARNWELL INDUSTRIES INC
		CENTRAL INDEX KEY:			0000010048
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				720496921
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEFC14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05103
		FILM NUMBER:		25951404

	BUSINESS ADDRESS:	
		STREET 1:		1100 ALAKEA ST.
		STREET 2:		SUITE 500
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
		BUSINESS PHONE:		808-531-8400

	MAIL ADDRESS:	
		STREET 1:		1100 ALAKEA ST.
		STREET 2:		SUITE 500
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BMA CORP/TN
		DATE OF NAME CHANGE:	19770324

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BARNWELL OFFSHORE INC
		DATE OF NAME CHANGE:	19671101

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SHERWOOD NED L
		CENTRAL INDEX KEY:			0000902749
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFC14A

	MAIL ADDRESS:	
		STREET 1:		151 TERRAPIN POINT
		CITY:			VERO BEACH
		STATE:			FL
		ZIP:			32963
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFC14A
<SEQUENCE>1
<FILENAME>ea0242332-defc14a_sherwood.htm
<DESCRIPTION>DEFINITIVE ADDITIONAL MATERIALS
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section&nbsp;14(a)&nbsp;of
the<BR>
Securities Exchange&nbsp;Act&nbsp;of&nbsp;1934</B></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 38%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed by the Registrant</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 61%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed&nbsp;by&nbsp;a&nbsp;party&nbsp;other&nbsp;than&nbsp;the&nbsp;Registrant</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Check the appropriate box:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&#9744;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting Material under &sect; 240.14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt; text-transform: uppercase"><B>BARNWELL
INDUSTRIES, Inc.</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ned L.&nbsp;Sherwood<BR>
MRMP-Managers LLC<BR>
Ned L.&nbsp;Sherwood Revocable Trust<BR>
Brian Henry<BR>
Heather Isidoro<BR>
Benjamin Pierson<BR>
Douglas Woodrum</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;(Name of Persons Filing Consent Statement
if other than the Registrant)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Payment of Filing Fee (Check all boxes that
apply):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee required</FONT></TD></TR>
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    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee computed on table in exhibit required by Item&nbsp;25(b)&nbsp;per Exchange&nbsp;Act Rules 14a- 6(i)(1)&nbsp;and&nbsp;0-11</FONT></TD></TR>
  </TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>FOR IMMEDIATE RELEASE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>Directors Kinzler, Grossman &amp; Horowitz
Undermine Consent Solicitation Process in an Attempt to Retain &ldquo;Control&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Vero Beach, Florida, May 15, 2025&nbsp;</B>&ndash;
The Sherwood Group, a long-term and significant shareholder with approximately 29.90% of the issued and outstanding shares of Barnwell
Industries, Inc. (&ldquo;Barnwell&rdquo; or &ldquo;BRN&rdquo;) today issued the following letter to Barnwell shareholders following receipt
of the preliminary results disclosed in the Barnwell press release yesterday in connection with the Consent Solicitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dear Barnwell Shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Yesterday, Barnwell issued a press release attempting
to spin the outcome of the Consent Solicitation. When the Sherwood Group turned in our Shareholder Resolution on Tuesday, May 13 at 5:07
PM Eastern reflecting shareholder consent to the removal of Mr. Kinzler, the appointment of Sherwood Group Nominee Ms. Isidoro and repeal
of the egregious Bylaw amendment made by the Board, little did we know that entrenched incumbent directors Kinzler, Grossman and Horowitz
were acting in concert in the background in an attempt, we believe, to manipulate shareholders and the Consent Solicitation process with
the sole goal of retaining &ldquo;control&rdquo; of the Board. To be clear, consents to remove Mr. Woodrum as a Director were initially
below the 50% threshold when we turned in our Consents, and, therefore, Mr. Woodrum remained on the BRN Board as far as we knew. Now that
we are in receipt of the results Barnwell preliminarily published, what we did not know and what Kinzler, Grossman and Horowitz materially
omit from the press release is that the removal of Mr. Woodrum was a direct result of <I>the collective actions of Kinzler, Grossman and
Horowitz who manipulated all of the other Barnwell shareholders</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Kinzler, Grossman and Horowitz plotted as a &ldquo;group&rdquo;
(without, of course, making appropriate SEC filings) and used their <I>collective share ownership</I> to consent on our Blue card in favor
of removal of Mr. Woodrum (the only current Audit Committee financial expert on the Board). Mr. Horowitz executed the Blue consent card
on May 13 voting 270,276 shares on behalf of Palm Global Small Cap Master Fund in favor FOR removal of Mr. Woodrum and AGAINST removal
of himself, Kinzler and Grossman and abstaining from all other Sherwood Group proposals. Given the results delivered to us this morning,
it is clear that Kinzler followed suit and executed a Blue consent card. Mr. Kinzler never submitted that Blue consent card to us. Instead,
he delivered it at the 11<SUP>th</SUP> hour to ensure that it would result in Mr. Woodrum&rsquo;s removal unbeknownst to us. In other
words, although the entrenched BRN directors instructed all shareholders in their press release on May 12 to retain Mr. Woodrum, the Kinzler/Grossman/Horowitz
entrenched Directors went against their own recommendation the very next day and executed this deceitful move to ensure their grip on
&ldquo;control&rdquo; over the one Sherwood Group nominee elected, Ms. Isidoro.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Now in a press release, the entrenched trio of Directors
are attempting to spin Mr. Woodrum&rsquo;s removal as a mandate for their slate. Nothing could be further from the truth. <B>In fact,
without the manipulation tactics and consent of Horowitz and Kinzler, Mr. Woodrum would still be on the Barnwell Board today.</B> Further,
Mr. Kinzler has the audacity to suggest that he should remain under consideration by the Company for the 2025 Annual Meeting with ZERO
regard for the fact that 53.38% of the Barnwell shareholders just consented to his immediate removal. How can a Board possibly justify
bringing back a director that its own shareholders just voted to remove? And how can Grossman and Horowitz who respectively received over
49% and over 47% of shareholders consenting to remove them claim there is a lack of credibility and shareholder support behind the Sherwood
Group? Almost half of the shareholders of Barnwell have spoken loudly and believe Grossman and Horowitz must also go. It is laughable
that they would suggest they constitute &ldquo;independent oversight.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are also very interested in reviewing BRN&rsquo;s
latest quarterly results which should be released today. You may be able to try to manipulate Board composition, but you must be accountable
for the operating results of BRN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is our belief that all shareholders should be afforded
a chance to vote for their desired Board candidates at BRN&rsquo;s upcoming 2025 Annual Meeting. Why does the entrenched trio want to
stop a free and fair election contest by fighting it in a Delaware Court? Maybe because they have not figured out a deceptive way to stifle
the will of the unaffiliated and long suffering BRN equity holders&mdash;and they fear the outcome.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As we noted in our May 14 Press Release, we sincerely
hope the Delaware Court will agree with our arguments that the applicable law and the facts showing the lengths Kinzler and his confederates
have gone to lead to only one conclusion. That Kinzler and his confederates are inequitably manipulating the corporate machinery to deny
you a choice, and therefore the Court should allow the&nbsp;Sherwood Group&nbsp;to&nbsp;move forward with a slate for the 2025 Annual
Meeting. In that way, all shareholders can decide on the appropriate slate of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The Sherwood Group and its Nominees remain committed
to restoring accountability, transparency, and performance to Barnwell. We believe shareholders deserve better. And most importantly,
we believe they deserve a choice.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Thank you for your support,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ned L. Sherwood</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">If you have any questions, please contact:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Alliance Advisors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">200 Broadacres Drive, 3rd Floor, Bloomfield, NJ 07003</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shareholders call toll-free: 1 (833) 215-7301</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: brn2025@allianceadvisors.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>For media inquiries or further information, please contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Alyssa Barry</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Media Relations, Alliance Advisors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">abarry@allianceadvisors.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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